Maintenance, Repair and Overhaul (MRO) Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

INDUSTRIALS › CAPITAL GOODS › MAINTENANCE, REPAIR AND OVERHAUL (MRO)

Buyers Pay for Shop Network Scale While the Set Trades Apart

This update covers the MRO set's movers, company announcements and new transactions from September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Maintenance, Repair and Overhaul (MRO) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   INDUSTRIALS › CAPITAL GOODS › MAINTENANCE, REPAIR AND OVERHAUL (MRO)

   Cover slide introducing the MRO bi-weekly industry events and M&A update for September 14–28, 2026.

   This bi-weekly update covers what changed, who moved, what transacted and what it means for the Maintenance, Repair and Overhaul sector between September 14 and 28, 2026. We built it to give owners, buyers and advisers a fast, sourced read on the two-week period.

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE INDUSTRIALS › CAPITAL GOODS › MAINTENANCE, REPAIR AND OVERHAUL (MRO) Buyers Pay for Shop Network Scale While the Set Trades Apart This update covers the MRO set's movers, company announcements and new transactions from September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Maintenance, Repair and Overhaul (MRO) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   Consolidation Leads the Period While the Set Trades on Its Own Records

   Summarizes the two-week period across eight covered MRO names, comparing their moves to the S&P 500.

   Five of the eight names we track fell, with a median move of -2.8%, while the S&P 500 returned +0.8% over the same window. That gap tells us company-specific records, not a sector-wide swing, drove performance. AAR's agreed acquisition of a shop network was the period's defining event, and precedent pricing in the space continues to sit above the standing study's median. For owners and advisers, this is the single page that frames everything else in the deck.

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE Consolidation Leads the Period While the Set Trades on Its Own Records The two-week period in one page · 8 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Maintenance, Repair and Overhaul (MRO) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 5 of 8 Covered Names Fell; The Median Move Was -2.8% The S&P 500 returned +0.8% over the same two-week period. The set did not move in one direction; company records did the work. 2 AAR Agrees to Control of a Scaled Airframe Network AAR Corp. (AIR) said the agreed acquisition expands its consolidated adjusted EBITDA margins from approximately 12% to 16% before synergies, and adds airframe work for U.S. airline customers. 3 Precedent Pricing Sits Above the Standing Study's Median The trailing record of 37 transactions carries a median EV / EBITDA of 13.4x, against the standing study's CY2027E sector median of 12.1x. 4 Waters Led the Set as VSE Lagged Waters Corporation (WAT) rose +8.0% over the two-week period; VSE Corporation (VSEC) fell -6.9%. The two sit at opposite ends of the standing study's tiering, Premium and Discount. +8.0% Best mover — Waters Corporation (WAT) worst: VSEC -6.9% · 3 up / 5 down of 8 covered -2.8% Sector median two-week return vs S&P 500 +0.8% 1 Transaction agreed in the two-week period from company announcements; not yet in the precedent record 1 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   Two Records, Two Directions: What Actually Moved the Names

   Shows the two-week close-to-close stock moves for the covered set against the sector median and the S&P 500.

   Waters Corporation (WAT) led the set at +8.0% while VSE Corporation (VSEC) lagged at -6.9%, framing the sector median move of -2.8% against a materiality bar of 7.9%. We attribute each move only to filings and headlines recorded in the window, and where no driver is recorded we say so plainly. The spread between the leader and the laggard shows the set is not trading as one story right now. That divergence is exactly where a name-by-name read adds value over a sector-level glance.

   Everything on this page

   PUBLIC MARKET MOVERS Two Records, Two Directions: What Actually Moved the Names Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -2.8% · S&P 500 +0.8% · materiality bar ±7.9% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Maintenance, Repair and Overhaul (MRO) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -2.8% Waters Corporation (WAT) +8.0% Shares moved following the Sep 14 commercial launch of a spectral flow cytometry cell analyser and a Sep 16 at-home cervical cancer screening partnership. The available evidence suggests that launch cadence supported the +8.0% move. Installed-base franchises get paid for new capability that pulls through recurring instrument work. COMPANY-SPECIFIC VSE Corporation (VSEC) -6.9% No notable in-window news was identified that clearly explains the move. At -6.9%, it sat below the -2.8% median for the set. Discount-tier service names carry the widest swings when a small set trades apart. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   What Companies Did: A Network Deal, a New Market and Two Launches

   Covers the period's highest-impact company announcements, including a network deal, a new market entry and two launches.

   This period's news flow centers on a network deal, market access into a new geography, and two launches that each expand what a covered company can sell. We link every event to its underlying filing or article, so the reads here are traceable rather than asserted. Each 'why it matters' line reflects our judgment on the recorded evidence, not a guarantee of outcome. Together, these announcements show the set investing in capability even as share prices moved on their own paths.

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS What Companies Did: A Network Deal, a New Market and Two Launches The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Maintenance, Repair and Overhaul (MRO) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 28 · NEWS · PRNewsWire AAR agreed to acquire a controlling interest in an airframe MRO network AAR Corp. (AIR) said the transaction expands consolidated adjusted EBITDA margins from approximately 12% to 16% before synergies and adds airframe work for U.S. airline customers. Capability breadth and shop slot capacity are being bought, not waited for. Sep 23 · NEWS · Business Wire StandardAero signed a partnership to support engine operators in India StandardAero, Inc. (SARO) extended its engine aftermarket reach to an expanding operator base without adding owned capacity at home. Reach into growing fleets is a cheaper route to shop visit volume than new capacity. Sep 21 · NEWS · GlobeNewsWire A senior unsecured notes offering was launched under the AIR listing The record shows unsecured funding being raised in the same window a controlling-interest acquisition was agreed. NeuraCap read: balance-sheet capacity is part of what lets a consolidator move first on network deals. Funding access is becoming a competitive variable in who wins the next tuck-in. Sep 21 · NEWS · Business Wire A stake monetisation was disclosed under the HEI ticker to advance-fund a settlement The record shows 30% of a 9.9% holding sold into an initial public offering, with proceeds directed to advance funding of a settlement. Non-core holdings are being converted to cash while operating capital stays in the shops. Sep 16 · NEWS · PRNewsWire HEICO's power-conversion unit launched a scalable DC-DC converter line HEICO Corporation (HEI) added high-reliability content for military, avionics and space applications. Proprietary, approved content on long-life platforms is where aftermarket earnings in this set are most defensible. Approved proprietary content on long-life platforms keeps the annuity in place. Sep 16 · NEWS · Business Wire Waters partnered to bring an FDA-cleared at-home cervical cancer screening tool to patients Waters Corporation (WAT), a Premium-tier name in the standing study, extended into a consumer-facing channel that pulls through recurring instrument and consumable work. Service attach grows where the installed base reaches new end users.

5. 05
   M&A & STRATEGIC ACTIVITY

   AAR Buys Control of a Shop Network: The Period's Defining Transaction

   Details AAR's agreed acquisition of control in a shop network and prices it against 37 recorded precedent transactions.

   AAR Corp. (AIR) agreed to acquire control of a shop network, the period's defining transaction, and told the market it expects consolidated adjusted EBITDA margins to move from approximately 12% to 16% before synergies. We size that deal against a precedent set of 37 recorded transactions carrying a median EV/EBITDA of 13.4x. That multiple sits above the standing study's 12.1x sector median, which points to buyers paying up for scale in this corner of the market. For acquirers weighing their own moves, this transaction is now the live reference point.

   Everything on this page

   M&A & STRATEGIC ACTIVITY AAR Buys Control of a Shop Network: The Period's Defining Transaction September 14–28, 2026 · 1 agreed by company announcement · precedent transactions: 37 recorded deals · median 13.4x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Maintenance, Repair and Overhaul (MRO) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 AGREED IN THE PERIOD — FROM COMPANY ANNOUNCEMENTS Sep 28 · AAR Corp. (AIR) AAR Corp. (AIR) agreed to acquire a controlling interest in MRO Holdings AAR said the deal moves consolidated adjusted EBITDA margins from approximately 12% to 16% before synergies. The evidence suggests strategics will pay for scaled airframe capacity and airline access rather than build it. Terms and multiples enter the precedent record once the filing is processed; the reference set alongside is unchanged. 37 Recorded precedent transactions the reference set buyers and sellers price against 13.4x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Period Changes for Owners, Buyers and Advisers

   Translates the period's events and moves into observations for owners, acquirers and advisers.

   For owners and operators, the period rewarded capability additions — a launch, a new channel partnership and market access — more than it rewarded any single stock story. For acquirers, AAR's agreed deal gives the reference set a current strategic data point, anchored to margin expansion the buyer itself disclosed. For advisers, the standing split between approved-parts franchises and adjacent installed-base service held up: five of eight names fell while the S&P 500 rose. These are observations drawn from the recorded evidence, not recommendations, and they set the frame for the next two weeks.

   Everything on this page

   WHAT IT MEANS What the Period Changes for Owners, Buyers and Advisers The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Maintenance, Repair and Overhaul (MRO) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 12.1x 8 companies in the study 3 valuation tiers Standing thesis: Maintenance, Repair and Overhaul Splits Into Approved-Parts Franchises and Adjacent Installed-Base Service FOR OWNERS & OPERATORS Capability Added Is What the Period Rewarded The window's records are additions: a commercial product launch, a partnership into a new channel, and market access supporting operators in India. Companies in the space traded on what they added to the capability list. FOR ACQUIRERS A Live Strategic Reference Point in Airframe MRO An agreed controlling-interest acquisition gives the reference set a current strategic data point, with the buyer citing consolidated adjusted EBITDA margins moving from approximately 12% to 16% before synergies. FOR ADVISORS Lead with the Network Deal and the Tiering Behind It The standing thesis — that this set splits into approved-parts franchises and adjacent installed-base service — held over the two-week period: 5 of 8 covered names fell; the median move was -2.8%, while the S&P 500 returned +0.8%.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Explains the sources and methodology behind the update's figures and driver attributions.

   Every figure in this update links back to the filing, price record or article it was taken from, and we list the publishers and filings drawn on for the period. Attribution language throughout is calibrated — a NeuraCap read of recorded evidence, not asserted causation. This transparency is what lets owners, buyers and advisers act on the update with confidence in what's fact versus judgment.

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Maintenance, Repair and Overhaul (MRO) Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T063401Z_387_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: prnewswire.com · businesswire.com · globenewswire.com

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